Apartment Marketing
Beyond the Surface: Going Deep in Multifamily Property Management
Embracing Depth over Width: Strategic Insight for Property Management Leaders
Photo by Robert Bye on Unsplash
Today’s piece is brought to you by Updater. Updater is the app that gets residents move-in ready faster. Did you know that residents happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike, and as a special gift to our listeners, Updater offers a special gift when you book a demo.
Steven Pressfield once remarked, “The disease of our times is that we live on the surface. We’re like the Platte River, a mile wide and an inch deep.” It’s a thought-provoking statement that also applies to multifamily management. Many organizations often spread themselves too thin, focusing on the width of their operations rather than the depth. Today we explore the inherent problems with this approach and outline innovative solutions to bring depth, focus, and quality into multifamily property management.
The analogy of being like the Platte River – wide but shallow – applies pertinently to some multifamily management practices. With an overemphasis on growth and expansion, the true essence of quality service, insightful leadership, and customer satisfaction can be overlooked. Leaders and executives may be entrenched in endless tasks without creating meaningful relationships with residents or understanding the industry’s underlying dynamics.
How do We Avoid Falling Into This Trap
Focusing on Core Competencies – By concentrating on areas of genuine expertise and letting go of the superficial, leaders can create robust, more fulfilling relationships with clients and staff alike. It’s easy to get caught up in the new and shiny when the tried and true works best.
Investing in Employee Growth and Development – Developing the team’s potential through continuous learning and personalized career pathways ensures a knowledgeable and committed workforce, adding depth to the organization. Make work meaningful to team members.
Building Meaningful Relationships with Residents – Taking time to understand and connect with residents personally fosters loyalty and trust, leading to a stronger community and a better overall experience. Also, create collision points in your community where people can meet their neighbors.
Embracing Technology with Purpose – Using technology to deepen relationships and streamline operations, not merely as a flashy add-on, profoundly impacts efficiency and effectiveness. Best smart about Technology.
Strategic Growth Planning – Moving away from an unchecked expansion to focused and deliberate growth ensures that the quality of service does not suffer and the organization’s integrity remains intact.
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Jude Chiy | Collective Conversations
In this episode, Mike Brewer chats with Jude Chiy, Founder of Flamingo, an app created to enhance and optimize resident engagement and build a sense of community. Jude shares his journey from med school student to the Founder of Flamingo. Mike and Jude explore the benefits of executing simple and frequent resident touch points and the connection to higher resident satisfaction scores.
Key Discussion Points:
- The meaning of Flamingo: In a world where competitors all look very similar, Jude believes that building a sense of community with management and residents, and between resident neighbors helps a property stand out “like a flamingo in a flock of pigeons”. The Flamingo app helps residents navigate the many questions related to life in the community and discover new events and people thus building a true sense of neighborhood.
- The Value of Resident Input: Instead of solving problems at the senior level of the management team, inviting residents into the issue by sharing it and inviting their comments on solutions further enhances the feeling that resident input matters.
- The Superpower of AI: There are scores of data points and it is impossible to read through it all and make sense of it. Flamingo uses AI to read all the data and quantify it which makes it easy to understand. The system sends surveys when a resident interacts with a team member, uses an amenity, submits a service request, etc. It tracks the time to resolve, the frequency of resident communication, etc., and provides recommendations to correct the areas of concern.
Throughout the conversation, Mike and Jude share practical tips and advice based on the topics covered in the episode.
Whether you’re a seasoned investor, property manager, vendor/supplier, or someone interested in learning more about the multifamily market, this series offers valuable insights that can help you navigate the challenges and seize the opportunities in this dynamic industry.
About Mike Brewer
Mike Brewer is enthusiastic about people, technology, and the world of multifamily. He serves as President of RADCO Residential and COO of The RADCO Companies. As the Founder of Multifamily Collective, Mike draws on his deep understanding of the multifamily space and is passionate about sharing insights and wisdom through a series of Collective Conversations with others in this industry. This podcast creates a platform for industry professionals to connect, learn, and grow together.
About Jude Chiy:
Jude Chiy is a highly regarded expert in the multifamily industry, known for his expertise in resident engagement and building a sense of neighborhood within each community. Jude wanted to be a superhero when he was young, but sadly never developed the superpowers to fight crime and help people. He founded Flamingo as his way of making the world a better place by simplifying life for residents and property managers.
Ultimately, Jude’s vision is a world where everyone knows their neighbors and willing to help them out. With a wealth of unique experience and a track record of critical thinking, Jude brings a unique perspective to the discussion, shedding light on key industry trends and sharing valuable advice for professionals in the multifamily space.
Additional Resources:
- The Purple Cow by Seth Godin
- If Chick-fil-A Ran Your Apartment – Six Things They’d Do Differently
- If Apple Ran Your Apartment – Six Things They’d Do Differently
- If Ex-WeWork CEO Adam Neumann’s Flow Ran Your Apartment – Six Things They’d Do Differently
- How McDonald’s Would Run Your Apartment – Seven Things They’d Do Differently
- Need Ideas? The Flamingo Blog is like finding a hidden treasure box full of novel ideas for resident engagement
Episode sponsored by: Updater
Updater is the app that gets residents move-in ready faster. Did you know that residents who are happy with their move-in experience are 59% more likely to renew their lease? Move-ins matter. Get them right with Updater. Visit go.updater.com/mike and as a special gift to our listeners, Updater is offering a special gift when you book a demo.
Connect with Us:
We would love your feedback, questions, and topic suggestions for future episodes. Feel free to reach out to us via info@multifamilycollective.com or connect with us on LinkedIn, YouTube, and Facebook. Our podcasts and interviews are also available on Apple Podcasts, Spotify, or anywhere you stream your podcasts.
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Thank you for tuning in to Multifamily Collective. Stay tuned for more exciting episodes coming soon!
Disclaimer:
The views and opinions expressed in this podcast are solely those of the individuals involved and do not necessarily reflect the official policy or position of MultifamilyCollective or any other organization mentioned during the episode. The podcast is for informational purposes only and should not be considered professional or legal advice. Always consult a qualified professional or your organizational leadership before making strategic, professional, financial, or investment decisions.
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Embracing Mandela’s Philosophy to Inspire Change in Multifamily Property Management
Transforming Multifamily Property Management Through Ethical Leadership and Resident-Centric Approaches
Photo by Ashim D’Silva on Unsplash
Leadership in the multifamily space is transforming, and there is an increasing need for an eclectic mix of considerations. By embracing Nelson Mandela’s “This isn’t Right” philosophy, multifamily types can inspire positive changes. Let’s think about how to empower your team members and create a harmonious environment for everyone involved.
The multifamily space sometimes faces challenges in maintaining solid relationships with team members, residents, vendor partners, and third-party clients, complying with countless policies and procedures. Not to mention inspiring and motivating team members. Misunderstandings between management and residents can lead to dissatisfaction while lacking focus on leadership can create a disconnect between team members and executives. These issues can affect a property management organization’s overall performance and reputation.
One powerful solution is adopting Nelson Mandela’s philosophy: “This isn’t Right.” By recognizing problems and standing up for values and principles, multifamily executives can instill a strong culture of change and innovation. This approach fosters trust between leadership, management, front-line team members, and residents, ensuring a thriving community.
Encouraging open communication between leadership and team members leads to a better understanding of needs and expectations. This collaboration results in higher resident satisfaction and retention rates. Creating a safe place for people to stand up for change when something isn’t working, is key.
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Unlocking Greatness in Multifamily Property Management
The Balance Between Achieving Great Results and Striving for Perfection in Managing Multifamily Properties
Photo by Clark Tibbs on Unsplash
There lies a middle ground in the struggle between perfectionism and achieving great results. While the desire to attain perfection is commendable, it can impede growth and success. Here I attempt to explore the problems perfectionism can create within the multifamily executive sphere and provide practical solutions to balance excellence and perfection. By focusing on the essence of being great rather than perfect, management can drive success and create a harmonious living environment for Residents.
Perfectionism in multifamily property management leadership is a double-edged sword. On one side, it drives quality and attention to detail; on the other, it can lead to stagnation, burnout of team members, and a lack of adaptability. When the pursuit of perfection overshadows practical goals, it may result in missed opportunities, delays in decision-making, and a loss of focus on what truly matters for Residents and the business as a whole.
The first step to overcoming perfectionism is recognizing its impact and embracing the mantra, “Don’t let perfect be the enemy of great.” Leaders must foster a culture where team members feel empowered to make decisions without fearing failure. Encouraging experimentation and learning from mistakes can drive innovation and growth.
A strong focus on Resident satisfaction and building trust within the community can replace the obsession with perfection. By prioritizing team members’ and residents’ needs and feedback, multifamily executives can make informed and pragmatic decisions that enhance the living experience.
Investing in continuous training and professional development for team members also promotes a culture of excellence without demanding perfection. Leaders can create a cohesive team that works towards shared goals by providing the tools and support necessary for growth.
Lastly, embracing flexibility and adaptability in management practices allows for a more dynamic response to changing circumstances. By adopting a pragmatic and solution-oriented approach, multifamily executives can lead their teams to success without bogging down in pursuing the unattainable ideal of perfection.
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Harnessing the Power of Impatience: A Strategic Approach
Navigating the delicate balance of immediate action and patient result tracking in multifamily property management leadership
Photo by Jake Givens on Unsplash
Multifamily leadership requires being impatient with action and patient with results. Especially in 2023 on the heels of some of the most profound societal shocks. This paradoxical mantra, first articulated by business giant Jeff Bezos, is essential to navigate the multifamily industry. Forged on the anvil of uncertainty and bound by the determination to act promptly, this approach can significantly impact the success of a multifamily property management firm.
The multifamily space frequently faces competing demands and limited resources. Think of rising insurance, labor costs, and other inputs. Striking the balance between the urgency for action and the patience to understand the result is perplexing. Many executive leaders fall into the trap of being too hasty with their actions, leading to undesirable consequences or too patient, resulting in missed opportunities. Managing these contrary forces to enable effective, agile decision-making is a challenge that leadership often struggles with.
The first step towards managing this dichotomy is fostering a culture of action. Or another term I like, popularized by Tom Peters – a bias for action. Building an environment where every team member feels empowered to act swiftly on their initiatives and tasks instills a sense of responsibility and ownership. A culture that values decisiveness encourages action-taking at every level, ultimately driving the organization toward its strategic objectives.
Next, integrating advanced technology solutions into day-to-day operations can also expedite action. With robust and efficient property management software, you can automate routine tasks, allowing your team members to focus on high-priority activities. Moreover, leveraging big data analytics with platforms like REBA can provide actionable insights, empowering executive leaders to make swift, informed decisions.
However, while quick action is crucial, being patient with results is equally vital. Just as a farmer doesn’t expect crops to sprout immediately after sowing, executive leaders shouldn’t anticipate instant outcomes from their actions. Giving your strategies ample time is essential to yield the desired results. Patience is not simply about waiting but maintaining an unwavering belief in your strategic decisions while continuously monitoring progress. Patience is especially helpful in marketing. Many make the mistake of putting campaigns in motion only to change them ten days later when they don’t seem to be moving the needle.
Patience, coupled with an analytical mindset, can yield significant long-term benefits. Consistent monitoring of key performance indicators allows leaders to spot trends, understand the effectiveness of their actions, and adjust their strategies accordingly. Therefore, being patient with results does not mean being passive; it means actively tracking, assessing, and optimizing performance over time.
By embracing this approach of being impatient with action but patient with results, multifamily property management firms can optimize their decision-making processes, foster a proactive team culture, and achieve sustainable long-term growth.
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